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First Bancorp of Indiana Q3 earnings up

First Bancorp of Indiana has reported earnings of $355,000 for the third quarter ended March 31, 2008, compared to $190,000 for the same period in fiscal 2007.

The bank’s 86.8% improvement in quarterly net earnings was attributable to an improved net interest margin and fee income enhancements.

Diluted earnings per average outstanding share was 20 cents for the third quarter of fiscal 2008, compared to 10 cents for the corresponding period of fiscal 2007.

For the first nine months of fiscal 2008, net income was $791,000, compared to $591,000 for the same period in fiscal 2007. Diluted earnings per share totaled 44 cents on 1.80 million average shares for the first nine months of fiscal 2008, compared to 34 cents on 1.72 million average shares for the corresponding period of fiscal 2007.

The bank said that the greater number of diluted shares in fiscal 2008 was attributable primarily to the 293,946 shares issued in conjunction with the October 1, 2006, acquisition of Home Building Bancorp.